Qualcomm Sends a Bullish Signal to Investors

The chip maker, which is cutting costs and focusing on China, raises its fiscal 2014 profit forecast.

Qualcomm (ticker: QCOM) announced an operating profit of $1.26 a share for its fiscal first quarter, beating the $1.18 a share estimate of analysts surveyed by Thomson Reuters. Revenue, though up 10% to $6.62 billion, fell slightly below the $6.67 billion Wall Street estimate.